Mutt the Hoople said:
Most pro football players I know are usually crippled by the time they're 35. Just watch the specials on former NFL players who take two hours just toget out of bed, who have brain injuries, and develop Alzheimers at an early age.
Also,60% ofpro athletes are broke within five years of retiring. Scott Sicko may not make much money as a history teacher, but he'll be healthier and probably have more money than most of the 2010 draftees by the time he's 40.
The whole thing about athletes being broke is simply poor financial planning by most athletes. Where most of us will work 30-40 year careers. You're lucky if you have a 10 year professional sports career and most last fewer than 5 years. You have to put away a lot of the money you make up front, and if you do that, you can live like a king off the interest for the rest of your life and dabble in whatever you like after your career is up.
The problem is, a lot of athletes, probably 60% like you say, live like the checks they bring in will always be there. They spend it all, and when their career ends, they have nothing in the bank. This despite the fact that they go over those issues many times for incoming rookies that just don't listen. The best thing a pro athlete can do is find a good financial planner. Let the planner know how much you want to have per year when you are done, and then let him handle ALL of the money. That also helps keep all the friends and family these guys have from trying to latch on and suck all the money away. If you basically live on an allowance (a healthy allowance), it can at least limit some of that.